PwC Academy and Egyptian Banking Institute collaborate to boost FinTech vigilance Interview

Mubasher discussed recent collaborations and initiatives launched by PwC's Academy and the EBI and their potential impact on the Egyptian financial sector, especially the banking industry, in the following interview Amanda Line, PwC Partner and PwC's Academy Leader.

Please describe the details of the programs offered by PWC in this collaboration with EBI?

PwC’s Academy and the Egyptian Banking Institute (EBI) have collaborated to offer two online programmes - The Fintech and Digital Banking Certification and The Transfer Pricing Diploma to the banking sector in Egypt. These programmes will provide professionals with a deep understanding and extensive knowledge within the banking sector.

With the implementation of technology in financial services continuing to grow in both extent and importance, the question is no longer whether Fintech will transform financial services, but which firms will apply it best and emerge as leaders. In this intensive programme led by our expert facilitators, we open the Fintech world and equip participants with the knowledge and confidence to embrace the new digital reality in their organisations.

Transfer Pricing has arisen as one of the most critical issues faced by international businesses in the region. The Diploma in Transfer Pricing aims to help multinationals understand the principles of transfer pricing and its practical application. This is offered in exclusive partnership with Tolley, the leading worldwide provider of practical tax training.

Why was PwC keen to sign this agreement with EBI?

Our collaboration is based on a like-minded mission to address the current skills gap and ensure the banking sector is prepared for the future. Together, we are working to upskill employees across the sector, from trainees to executive management.

EBI is a prestigious, established body with a strong network across the banking and finance sector. Through this partnership, we can ensure PwC's Academy’s training programmes are accessible across the market, meeting a growing demand for critical skills and knowledge in both Transfer Pricing and Fintech.

How does this agreement contribute to developing financial technology (Fintech) and artificial intelligence (AI) in the banking sector?

Fintech and AI are fundamentally disrupting the market. AI is expected to contribute 7.7% to Egypt’s GDP by 2030 and inject $320 billion into the region. With increased investment into new technologies, job roles are being transformed by innovative services and business models. And while this is relevant across all industries, the biggest opportunity for AI in the MENA region is the financial sector, where it is estimated to total 25% of all AI investment in the region in 2021.

This has accelerated the market need for a highly-skilled workforce that has the right knowledge, skills and mindset to embrace this change. Our collaboration with EBI aims to address the skills gap by upskilling and preparing the banking industry for the future.

Our Fintech and Digital Banking Certification includes modules that cover core areas of digital literacy, giving individuals practical knowledge of financial technology and its application in the workforce.

How does this collaboration contribute to developing participants under the current circumstances amidst the Coronavirus pandemic?

Like many organisations across the globe, we have adapted to a new virtual way of working, living, and learning. At PwC’s Academy, we have offered digital versions of our programmes for some time, but it is now that our clients are truly embracing the value and effectiveness of online learning.

Our digital learning programmes generate similarly high levels of engagement and experience as those that run face-to-face. Rather than a typical e-learning format, the live online classroom provides an interactive setting - presenting the opportunity to network with other participants across the region, speak directly with the trainer or engage with experts.

And the banking sector in Egypt is already benefiting from this. We recently ran a Live Online Open Course for the Transfer Pricing Diploma course with 30% of participants from Egypt, thanks to this collaboration.

How did this collaboration contribute to exchanging experiences between PwC and EBI?

The partnership between PwC’s Academy and EBI is symbiotic. PwC’s Academy combines the expertise of our training specialists with the business acumen of our SMEs from across our global and regional network to deliver world-class training solutions. In equal measure, EBI has a strong network across Egypt’s banking industry to facilitate accessibility to PwC’s Academy programmes across the market. By working together, we believe our association will have a significant impact on the training and upskilling needs of the banking industry.